Global banking behemoth UBS says billions of dollars are due for divestment in the coming years.
In a new report, UBS he says that $83 trillion in global private wealth will be transferred to new beneficiaries over the next twenty-three years. According to UBS, this will mark “the largest transfer of wealth in modern history” from generation to generation.
“Driven by an aging population, longer life expectancy and decades of rising inflation, these changes are set to reshape the economy as we know it.”
According to According to UBS CEO and analyst Libby Stantial, a little more than a third of all wealth transfers will take place in the US.
“…$83 trillion. That’s three times the size of the US GDP. And most of that $83 trillion will be sent to the United States, about $29 trillion. So the size and the size alone makes this unprecedented.”
Stantial says the transfer of wealth will occur both circularly (between spouses) and vertically (from one generation to another). According to Stantial, the beneficiaries of the massive wealth transfer will also include older generations, such as those born before 1981.
“You also said baby boomers… Gen Z, millennials, which is true for many people, is going to be handed down from those generations.
But really Gen X are the baby boomers, receiving wealth for the first time. So it’s less about transferring wealth and planning and responsibility. “
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